<\/a><\/p>\nThe investigations, which were started in 2010 and ran through 2016 revealed some suspiciously large transactions carried out by a firm called Veon<\/strong> (formerly Vimpelcom). Veon was found guilty of bribery charges and fined $835 million in 2016<\/strong>. The Chief Executive of ING, Ralph Hamers admitted to making \u201cunacceptable mistakes\u201d<\/em> and committed to taking \u201cdrastic measures\u201d<\/em> to correct the mistakes. <\/span><\/p>\nThe ban now adheres to all anti-money laundering laws such as admitting and vetting all clients and making appropriate inquiries regarding large transactions.<\/span><\/p>\nIn a statement released by the ING after the verdict was given, the bank detailed that it won\u2019t be expecting any further fines from the Securities and Exchange Commission (SEC) in the United States. This fine is not, however, ING\u2019s first as it has previously been accused of failing to prevent illegal practices by its clients. In 2012, it was found guilty of facilitating the transfer of billions of dollars\u2019 worth of payments through the U.S. banking system on behalf of Cuban and Iranian clients. It was fined a $619 million penalty.<\/strong><\/span><\/p>\nIn the statement released by the bank, ING also claimed that it was also a victim of the AML charges as the clients had used their accounts to launder money unbeknownst to them.<\/span><\/p>\n \u201cThe shortcomings identified resulted in clients having been able to use their bank accounts for money laundering practices for years\u201d<\/em> read the statement.<\/span><\/p>\nThe aftermath of the ruling saw the ING shares fall by 2.2%.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"Netherlands’ Largest Bank ING Groep NV has admitted to aiding money laundering practices and has been charged and fined 775 million euros as settlement for the case.<\/p>\n","protected":false},"author":4,"featured_media":8883,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102,84,74],"tags":[],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/8881"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=8881"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/8881\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/8883"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=8881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=8881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=8881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}